Advice please

SophieLoui23 · 8 May 2018 at 5:33PM

Managed to get myself on track a bit since last time I was here. I've still got a pesky £1000 on my credit card (0%) which I can't shift and my boyfriend has just moved in and is paying £400pm 'rent' towards household bills etc so think it's a good time to review my current situation.

Oh, should probably mention I also have the worlds most expensive hobby (riding) with a pet horse + dog who manage to keep my savings account sparse.

I've just had to switch my energy as my current offer is ending and so I've added the new dual fuel rate under electricity. My council tax bill has just gone up due to boyf moving in. Mobile phone is high I know but stuck in contract until next year and need lots of data as travel a lot and use it for satnav. I probably spend more £ on groceries, but am attempting to budget to keep it low. I also probably spend more cash than in the budget for clothes but this is something I am cutting down on. Pet insurance is for horse and a healthy pet plan for dog. Should really get insurance for dog too! I know i probably need contents insurance. Debating if I need life insurance due to mortgage? Am 26 & fit and healthy. Recently cut down on hair budget, cutting out my blonde highlights every 6 weeks and just opting of a haircut every quarter.

Any advice on where to trim or anything I should add would be very appreciated!!

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1710
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 506
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 30
Council tax............................. 156
Electricity............................. 55
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 41.44
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 21
Groceries etc. ......................... 100
Clothing................................ 25
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 47
Buildings insurance..................... 7
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 5
Entertainment........................... 150
Holiday................................. 100
Emergency fund.......................... 50
Dog..................................... 125
Horse................................... 350
Total monthly expenses.................. 2050.81

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 215000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 122500...(506)......1.68
Total secured & HP debts...... 122500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Tesco Credit Card..............1000......20........0
Total unsecured debts..........1000......20........-

Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 2,050.81
Available for debt repayments........... 59.19
Monthly UNsecured debt repayments....... 20
Amount left after debt repayments....... 39.19

Personal Balance Sheet Summary
Total assets (things you own)........... 215,000
Total HP & Secured debt................. -122,500
Total Unsecured debt.................... -1,000
Net Assets.............................. 91,500

SophieLoui23 · 8 May 2018 at 5:44PM

Should mention, the boyf and I keep our money separate hence he pays me rent and the groceries etc on the SOA are for my share.

Fireflyaway · 8 May 2018 at 6:29PM

Well your horse expenditure doesn't look too bad. I do think £125 on the dog is a lot. Could you swap dog food? You spend more on the dog than your own groceries according to this.
I don't see any over the top expenditure. I think as a young person you are doing well. You don't have stacks of debt and you have your own place and a horse and are still managing to pay the bills and budget for holidays and entertainment.
Hopefully over time your income will rise and things will get easier that's just normal.

datlex · 8 May 2018 at 6:49PM

Can someone share the horse with you? Might be a saving there if they can.

National_Debtline · 9 May 2018 at 11:02AM

Hi SophieLou,

I would agree that the expenses for the dog seem high, even with food and essentials (such as flea treatment, worming tablets, boosters etc), perhaps there is a saving here. You can also consider saving less to holidays (if you haven't booked anything yet) and/or entertainment. This could be a temporary cut back to help clear the card quicker and then you can go back to what you are doing.

I agree that you are doing very well. You have a healthy budget and minimal debt. You can consider life and contents insurance, and that shouldn't be too expensive either.

Another way to approach this would be to check when the interest free period ends, and aim to clear it within that time. So, if there are 18 months left, you would need to pay £55 per month to clear it before any interest is added. Just make sure you don't use the card anymore. Good luck,

Laura
@natdebtline

System · 9 May 2018 at 11:46AM

I don't mean to disrepectful and I know that once you become a 'horsey person', it's difficult to give up...but I would say on your wages you cannot afford that kind of hobby.

Have you thought about sharing a horse? Nearly one-third of your wages is going on keeping an animal...

What happens if it's hurt or you need urgent medical assistance. What happens if your insurer doesn't pay up? One disaster could spell real trouble on that wage.

Would you consider spending £6k a year on a classic car on your wage? Something that could cost you thousands at any moment...

Marissa_Brown · 9 May 2018 at 10:03PM

Hi. My first time on here and struggling to find out how to post?!? I need advice on a mis-sold holiday by TUI. I would appreciate it if someone can tell me how to post it relevantly !!!55357;!!!56833;

Dobbibill · 9 May 2018 at 10:27PM

Marissa_Brown wrote: »

Hi. My first time on here and struggling to find out how to post?!? I need advice on a mis-sold holiday by TUI. I would appreciate it if someone can tell me how to post it relevantly !!!55357;!!!56833;

This link will take you to the Overseas Holidays and Travel Planning board - click on New Thread at the top of the page (below the sub-boards) and start a new thread.
https://forums.moneysavingexpert.com/forumdisplay.php?f=28

Dobbibill · 9 May 2018 at 10:32PM

Hi SophieLoui,

Your budget is workable with a few tweaks.

Sharing the horse is good suggestion above and also to cut down on the dog spend, change food etc.
You have an entry for an Emergency fund, yet no cash below - is this a new entry? If not, where has it gone?
Yes, you need contents insurance. Just basic cover will be sufficient so if the worse happens you've got something in place to replenish all the furniture within the house.
Changing your council tax to payments over 12 months instead of the standard 10 would give you some wiggle room to get the contents ins.
Have you got £39.19 left each month - throw it at the debt if you have, keep a spending diary if you haven't

indesisiv · 10 May 2018 at 8:36AM

A couple of things spring to mind ...

Emergency fund.......................... 50
Assets
Cash.................................... 0
Amount left after debt repayments....... 39.19

So according to your SoA you have £89.19 left at the end of every month. Which you clearly don't otherwise you would have a figure in your assets for cash.
So is your SoA actually correct or what you wish it to be? I think you need to start a proper spending diary to figure out why you don't have that money left at the end of the month.
In theory with that spare cash you could clear your credit card in 10 months.

Advice please

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